The losses mean Apple’s market capitalisation has fallen $190bn since October, more than the entire market value of US bluechips such as McDonalds, Walt Disney and Oracle.

Lumentum Holdings, a supplier of 3D sensors used in the iPhone’s facial recognition technology, cut its financial guidance for the second quarter today, citing a fall in orders from an unnamed major customer.

Chief executive Alan Lowe said: “We recently received a request from one of our largest industrial and consumer customers for laser diodes for 3D sensing to materially reduce shipments to them during our fiscal second quarter for previously placed orders that were originally scheduled for delivery during the quarter.”

Elazar Capital analyst Chaim Siegel said: “Many suppliers have lowered numbers because of their unnamed ‘largest customer,’ which is Apple. Apple got cautious in their guidance and it’s hitting their suppliers.”

JP Morgan analysts cut their target price for Apple by $4 to $270, citing poor orders for the new iPhone XR.

Apple’s fall led a larger retreat across US equities tonight with the S&P 500 closing down two per cent at 2,726.22 and the tech-heavy Nasdaq dropping three per cent to 210.05.